##### 



Exhibit 12

Potash Corporation of
Saskatchewan Inc.
Ratio of Earnings to Fixed Charges
(in millions of US dollars, except ratio amounts)
(unaudited)

|                                         |  |                         |       |      |  |      |       |      |  |      |        |   |  |   |       |  |  |   |       | 
|---------------------------------------- |  | ----------------------- | ----- | ---- |  | ---- | ----- | ---- |  | ---- | ------ | - |  | - | ----- |  |  | - | ----- | 
|                                         |  | Year
ended December 31,
|                                         |  |                        
|                                         |  | 2001                    |       | 2000 |  | 1999 |       | 1998 |  | 1997
|                                         |  |                         |       |      |  |      |       |      |  |     
|Canadian GAAP                            |  |                         |       |      |  |      |       |      |  |      |        |   |  |   |       |  |  |   |       | 
|Net income                               |  | $                       | 121.2 |      |  | $    | 198.0 |      |  | $    | (412.0 | ) |  | $ | 261.0 |  |  | $ | 297.1 | 
|Income taxes                             |  |                         | 68.2  |      |  |      | 67.2  |      |  |      | 7.5    |   |  |   | 117.5 |  |  |   | 69.1  | 
|Interest on debt                         |  |                         | 80.3  |      |  |      | 61.6  |      |  |      | 51.5   |   |  |   | 63.8  |  |  |   | 81.4  | 
|Estimate of interest in operating leases |  |                         | 19.6  |      |  |      | 36.8  |      |  |      | 35.7   |   |  |   | 34.9  |  |  |   | 29.6  | 
|                                         |  |                         |       |      |  |      |       |      |  |      |        |   |  |   |       |  |  |   |       | 
|Total earnings                           |  | $                       | 289.3 |      |  | $    | 363.6 |      |  | $    | (317.3 | ) |  | $ | 477.2 |  |  | $ | 477.2 | 
|                                         |  |                         |       |      |  |      |       |      |  |      |        |   |  |   |       |  |  |   |       | 
|Total Fixed Charges                      |  | $                       | 99.9  |      |  | $    | 98.4  |      |  | $    | 87.2   |   |  | $ | 98.7  |  |  | $ | 111.0 | 
|                                         |  |                         |       |      |  |      |       |      |  |      |        |   |  |   |       |  |  |   |       | 
|Ratio of Earnings to Fixed Charges       |  |                         | 2.90  |      |  |      | 3.70  |      |  |      | (3.64  | ) |  |   | 4.83  |  |  |   | 4.30  | 
|                                         |  |                         |       |      |  |      |       |      |  |      |        |   |  |   |       |  |  |   |       | 
|Earnings Deficiency                      |  | $                       |      |      |  | $    |      |      |  | $    | 404.5  |   |  | $ |      |  |  | $ |      | 
|                                         |  |                         |       |      |  |      |       |      |  |      |        |   |  |   |       |  |  |   |       | 
|U.S. GAAP                                |  |                         |       |      |  |      |       |      |  |      |        |   |  |   |       |  |  |   |       | 
|Net income                               |  | $                       | 94.6  |      |  | $    | 197.8 |      |  | $    | (582.6 | ) |  | $ | 261.0 |  |  | $ | 285.8 | 
|Income taxes                             |  |                         | 53.8  |      |  |      | 66.9  |      |  |      | (44.4  | ) |  |   | 117.5 |  |  |   | 80.4  | 
|Interest on debt                         |  |                         | 80.3  |      |  |      | 61.6  |      |  |      | 51.5   |   |  |   | 63.8  |  |  |   | 81.4  | 
|Estimate of interest in operating leases |  |                         | 19.6  |      |  |      | 36.8  |      |  |      | 35.7   |   |  |   | 34.9  |  |  |   | 29.6  | 
|                                         |  |                         |       |      |  |      |       |      |  |      |        |   |  |   |       |  |  |   |       | 
|Total earnings                           |  | $                       | 248.3 |      |  | $    | 363.1 |      |  | $    | (539.8 | ) |  | $ | 477.2 |  |  | $ | 477.2 | 
|                                         |  |                         |       |      |  |      |       |      |  |      |        |   |  |   |       |  |  |   |       | 
|Total Fixed Charges                      |  | $                       | 99.9  |      |  | $    | 98.4  |      |  | $    | 87.2   |   |  | $ | 98.7  |  |  | $ | 111.0 | 
|                                         |  |                         |       |      |  |      |       |      |  |      |        |   |  |   |       |  |  |   |       | 
|Ratio of Earnings to Fixed Charges       |  |                         | 2.49  |      |  |      | 3.69  |      |  |      | (6.19  | ) |  |   | 4.83  |  |  |   | 4.30  | 
|                                         |  |                         |       |      |  |      |       |      |  |      |        |   |  |   |       |  |  |   |       | 
|Earnings Deficiency                      |  | $                       |      |      |  | $    |      |      |  | $    | 627.0  |   |  | $ |      |  |  | $ |      | 
|                                         |  |                         |       |      |  |      |       |      |  |      |        |   |  |   |       |  |  |   |       |